Guernsey: In your face, US regulators!

Via the Guernsey Finance press room, this is a good one:

Until July this year, US regulators including the Securities and Exchange Commission (SEC) were trying to repatriate assets from Guernsey to pay back creditors and investors in an allegedly fraudulent scheme with links to Madoff, Panama and the Bahamas.

However, local law firm Carey Olsen was after the same assets, with the competing goal of repatriating to BVI and Anguilla. And Carey Olsen are not shy about their home advantage:

” Some connections run deeper and communicate faster than technology ever will. At Carey Olsen we’re not just plugged in to our industry. We’re rooted to it and we branch out from it. It means we’re always ready to connect one client with another. Always ready to influence change. Yes, we’ve been linking in for a very long time.”

Following the ensuing “interpleader proceedings”, in what will most likely not go down as history’s most surprising ruling, the Guernsey Deputy Bailiff considered that the SEC had “failed to persuade the court”.

Celebrating this legal victory, Carey Olsen Advocate John Greenfield said the decision

“…sends a clear message that, no matter who you are, those wishing to become involved in proceedings should have a substantive interest in the subject matter and not simply seek to act as ‘cheerleader’ for an existing party to proceedings.”

“It was also an interesting reminder that parties having the benefit of foreign injunctions should take the necessary steps to obtain mirror orders in Guernsey should they wish to progress litigation efficiently here in the future.”

Or in other words: In your face, US regulators!

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s